Bank of the Ozarks, Inc provides a range of retail and commercial banking services. It also provides mortgage lending, corporate cash management services, including wholesale lock box services, remote deposit capture services. Bank of the Ozarks (NASDAQ:OZRK) posted a decrease in profit due to declining revenue.
Bank of the Ozarks Earnings Cheat Sheet for the First Quarter
Results: Net income dropped 8.3% to $14.6 million (85 cents/share) from the year earlier.
Revenue: Fell 32.7% to $36.1 million YoY.
Actual vs. Wall St. Expectations: OZRK beat the mean analyst estimate of 69 cents/share. Estimates ranged from 64 cents to 73 cents.
Quoting Management: George Gleason, Chairman and Chief Executive Officer, stated, “We are very pleased to report excellent results for the first quarter of 2011. Highlights of the quarter included our best quarterly net interest margin as a public company, record net interest income, another profitable acquisition and favorable results for service charge income and asset quality.”
Key Stats: Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases.
A year-over-year revenue decrease last quarter snaps a streak of two consecutive quarters of revenue increases. Revenue rose 18.1% in the fourth quarter of the last fiscal year and 45% in the third quarter of the last fiscal year.
Competitors to Watch: Bank of America (NYSE:BAC), SunTrust Banks, Inc. (NYSE:STI), PNC Financial Services (NYSE:PNC), First Horizon National Corporation (NYSE:FHN), BB&T Corporation (NYSE:BBT), and Regions Financial Corp (NYSE:RF).
Today’s Performance: Shares of OZRK were unchanged in after hours trading yesterday during earnings, but the stock is trading up 0.6% this morning.